Fossil fuel companies are benefitting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund.
[That is £3.4 TRILLION. A trillion is bigger than a million, more than a billion, it’s 1,000,000,000,000 (and even or 1,000,000,000,000,000,000 in some countries). Yes, those are 18 zeroes in that last one. Either way, this is such a large number that it’s hard to imagine.]
The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments.
Just think what impact this could have if that money could be diverted to clean energy? For sure, shouldn’t we make an impact on the use of fossil fuels in the way we invest?
http://oliff.uk/?p=1053